CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities:
Net income (loss)	$ 5,803,476	$ (155,677)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	15,693	6,701
Reduction in carrying amount of right-of-use assets	4,526	4,126
Deferred taxes	2,254,166	(278,140)
Share-based compensation expense	27,561	38,412
Unrealized gain on digital assets	(8,141,509)	0
Digital asset impairment \ unrealized losses on digital assets	0	371,723
Amortization of issuance costs on long-term debt	12,445	6,399
Changes in operating assets and liabilities:
Accounts receivable	14,962	20,075
Prepaid expenses and other current assets	(16,029)	7,914
Deposits and other assets	(2,429)	(8,163)
Accounts payable and accrued expenses	(3,250)	(8,164)
Accrued compensation and employee benefits	(28,187)	(18,059)
Accrued interest	71	3,641
Deferred revenue and advance payments	26,095	24,994
Operating lease liabilities	(5,308)	(5,467)
Other long-term liabilities	415	(5,057)
Net cash (used in) provided by operating activities	(37,302)	5,258
Investing activities:
Purchases of digital assets	(14,430,868)	(2,433,137)
Advance deposits on purchases of property and equipment	(22,000)	0
Purchases of property and equipment	(4,831)	(2,268)
Net cash used in investing activities	(14,457,699)	(2,435,405)
Financing activities:
Proceeds from convertible senior notes	2,000,000	2,203,750
Payments to settle conversions and redemption of convertible senior notes	(143)	(44)
Proceeds from other long-term secured debt, net of lender fees	16,000	0
Principal payments of other long-term secured debt	(282)	(266)
Proceeds from sale of preferred stock under public offerings	2,947,684	0
Issuance costs paid related to sale of preferred stock under public offerings	(56,372)	0
Dividends paid on preferred stock	(58,142)	0
Proceeds from sale of common stock under public offerings	9,663,697	137,765
Issuance costs paid related to sale of common stock under public offerings	(17,775)	(613)
Proceeds from exercise of stock options	21,869	153,349
Payment of withholding tax on vesting of restricted stock units	0	(2,173)
Net cash provided by financing activities	14,504,460	2,451,831
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	2,776	(1,556)
Net increase in cash, cash equivalents, and restricted cash	12,235	20,128
Cash, cash equivalents, and restricted cash, beginning of period	39,897	48,673
Cash, cash equivalents, and restricted cash, end of period	52,132	68,801
Convertible Senior Notes
Financing activities:
Issuance costs paid for convertible senior notes	(14,779)	(42,008)
Employee Stock Purchase Plan
Financing activities:
Proceeds from sales under employee stock purchase plan	$ 2,703	$ 2,071